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India's Economic Growth Overview

India is a constitutional republic located in South Asia consisting of 29 states and several union territories, including the capital New Delhi. With over 1.3 billion people, India has the second largest population in the world after China. The Indian economy is the 7th largest economy by nominal GDP and 3rd largest by purchasing power parity. After economic reforms in the 1990s, India experienced rapid economic growth averaging around 6-7% annually, with growth surpassing China in recent years. Services contribute the most to India's economy, growing over 9% annually since 2001 and accounting for 57% of GDP, with the information technology industry being a major exporter and private sector employer.

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61 views1 page

India's Economic Growth Overview

India is a constitutional republic located in South Asia consisting of 29 states and several union territories, including the capital New Delhi. With over 1.3 billion people, India has the second largest population in the world after China. The Indian economy is the 7th largest economy by nominal GDP and 3rd largest by purchasing power parity. After economic reforms in the 1990s, India experienced rapid economic growth averaging around 6-7% annually, with growth surpassing China in recent years. Services contribute the most to India's economy, growing over 9% annually since 2001 and accounting for 57% of GDP, with the information technology industry being a major exporter and private sector employer.

Uploaded by

angellica
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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India, country that occupies the greater part of South Asia.

It is a constitutional republic consisting of 29


states, each with a substantial degree of control over its own affairs; 6 less fully empowered union
territories; and the Delhi national capital territory, which includes New Delhi, India’s capital. With
roughly one-sixth of the world’s total population, India is the second most-populous country, after
China.

The economy of India is a developing mixed economy.[35] It is the world's seventh-largest economy by
nominal GDP and the third-largest by purchasing power parity (PPP). The country ranks 139th in per
capita GDP (nominal) with $2,134 and 122nd in per capita GDP (PPP) with $7,783 as of 2018.[36][37] After
the 1991 economic liberalisation, India achieved 6-7% average GDP growth annually. Since 2014 with
the exception of 2017, India's economy has been the world's fastest growing major economy, surpassing
China.[38]

The long-term growth prospective of the Indian economy is positive due to its young population,English
profiency, corresponding low dependency ratio, healthy savings[39] and investment rates, and increasing
integration into the global economy.[40] India topped the World Bank's growth outlook for the first time
in fiscal year 2015–16, during which the economy grew 7.6%.[41] Despite previous reforms, economic
growth is still significantly slowed by bureaucracy, poor infrastructure, and inflexible labor laws
(especially the inability to lay off workers in a business slowdown).[42]

India has one of the fastest growing service sectors in the world with an annual growth rate above 9%
since 2001, which contributed to 57% of GDP in 2012–13.[43] India has become a major exporter of IT
services, Business Process Outsourcing (BPO) services, and software services with $154 billion revenue
in FY 2017.[44][43] This is the fastest-growing part of the economy.[45] The IT industry continues to be the
largest private-sector employer in India.[46][47] India is the second-largest start-up hub in the world with
over 3,100 technology start-ups in 2018–19.[48] The agricultural sector is the largest employer in India's
economy but contributes to a declining share of its GDP (17% in 2013–14). India ranks second worldwide
in farm output.[49] The industry (manufacturing) sector has held a steady share of its economic
contribution (26% of GDP in 2013–14).[50] The Indian automobile industry is one of the largest in the
world with an annual production of 21.48 million vehicles (mostly two and three-wheelers) in 2013–
14.[51] India had $600 billion worth of retail market in 2015 and one of world's fastest growing e-
commerce markets.

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